Method, apparatus and article-of-manufacture for managing and supporting initial public offering and other financial issues

ABSTRACT

The present invention relates generally to the field of computer-assisted business methods, and to system and articles-of-manufacture for implementing such methods. More particularly, the invention relates to computer-based methods, apparatus and articles-of-manufacture for supporting the coordination, communication, record-keeping, accounting, security and scheduling needs for the syndicate associated with an initial public offering (“IPO”) or other new financial issue. While the invention is exemplified and discussed herein with reference to IPO&#39;s, those skilled in the art will appreciate that the present invention is equally applicable to other types of securities and debt instruments, such as preferred stock, corporate bonds, municipal bonds, etc.

FIELD OF THE INVENTION

The present invention relates generally to the field ofcomputer-assisted business methods, and to systems andarticles-of-manufacture for implementing such methods. Moreparticularly, the invention relates to computer-based methods, apparatusand articles-of-manufacture for supporting the coordination,communication, record-keeping, marketing, accounting, security andscheduling needs for the various participants (e.g., issuers,underwriters, investors) associated with an initial public offering(“IPO”) or other new financial issues. While the invention isexemplified and discussed herein with reference to IPO's, those skilledin the art will appreciate that the present invention is equallyapplicable to other types of public and private offerings of equity andequity-linked securities, including debt instruments, such as preferredstock, corporate bonds, municipal bonds, etc.

BACKGROUND OF THE INVENTION

Generally speaking, the process of underwriting (or bringing an issue tomarket) begins with the decision of what type of offering the issuingcompany needs. Typically, the company would consult with an investmentbank regarding how the offering should be structured and distributed.

Securities offerings can be generally classified into two groups: (i)new issues (i.e., IPO's from companies first going public) and (ii)additional issues (i.e., additional issues from companies that havealready gone public). Additionally, public offerings can be furtherclassified as: (i) primary offerings (with proceeds going to the issuingcompany); (ii) secondary offerings (with proceeds going to a majorstockholder, who is selling all or part of his/her shares); (iii) splitofferings (i.e., a combination of primary and secondary); or (iv) shelfofferings (i.e., an offering under SEC Rule 415, which allows the issuerto sell additional securities over a two-year period to raise funds asneeded).

Once the structure of an issue is decided, the next step in theunderwriting process is generally to form the “syndicate” and, ifneeded, a “selling group.” Because most new issues are too large for oneunderwriter to handle, a “managing underwriter” (or “bookrunningmanager”) often invites other investment bankers to participate in ajoint distribution of the offering. This group is known as “thesyndicate”; and the managing (or lead) underwriter is known as the“syndicate manager” (or “bookrunning manager”). Each member of thesyndicate usually makes a firm commitment to distribute a givenpercentage of the entire offering, and he/she is held financiallyresponsible for any unsold portion of his/her allocation. “Sellinggroups” (i.e., groups of chosen brokerages) are often formed to assistthe syndicate members in meeting their obligations to distribute thesecurities. Members of the selling group usually act on a “best efforts”basis, and are not financially responsible for unsold shares.

Generally speaking, it is the job of the syndicate manager to “prove themarket” for the issue; typically, the manager (sometimes with theassistance of co-manager(s), etc.) coordinates a series of meetings andpresentations (a “roadshow”) to explain to potential investors that theproposed issue represents a good investment at its proposed price (or,in the case of an IPO, price range). Under the most common type ofunderwriting, the syndicate manager makes a commitment to the issuingcorporation to purchase all shares being offered. If part of the newissue goes unsold, any losses are distributed among the members of thesyndicate.

Testing the market's receptiveness to a new issue is done by gathering“indications of interest.” An indication of interest (“IOI”) does notlegally obligate the party expressing interest to actually purchase theissue when it becomes available, since such sales are prohibited untilthe security has cleared registration with the Securities and ExchangeCommission.

When new shares are issued, there is a “spread” between what theunderwriters buy the stock from the issuing corporation for and theprice at which the shares are offered to the public (the “PublicOffering Price” or “POP”). The spread is traditionally allocated asfollows:

-   -   a Manager's Fee (typically, 10-20% of the spread) goes to the        managing underwriter for negotiating and managing the offering;    -   an Underwriting Fee (typically, 20-30% of the spread) goes to        the managing underwriter and syndicate members for assuming the        risk of buying the securities from the issuing corporation; and,    -   a Selling Concession (typically, 50-60% of the spread) goes to        the managing underwriter, the syndicate members, and to selling        group members for placing the securities with investors.

Traditionally, new issues were targeted largely—if not exclusively—toinstitutional investors, e.g., mutual funds, pension funds, investmentmanagers, hedge funds, etc. However, recent trends, such as thewidespread media coverage that many new issues receive, have createdsignificant—and presently unmet—demand for access to the new issuemarketplace among individual investors who buy and sell their own shares(“retail investors”). A typical retail investor may buy 100-1000 sharesof an offering.

Bringing a new deal to market is a complicated, time-consuming processthat demands significant communication and cooperation between numerousmembers of a multi-disciplinary team. As shown in FIG. 1, the processtypically begins with an investment banker (“IBK”) 10, who meets withthe client (and potential issuer) to determine how to best raise capitalto meet the client's needs. The banker's responsibility includesmanaging the relationship with his/her client before, during and after atransaction. The banker typically is—and remains—the client's directcontact during the entire process.

An Equity Capital Markets (“ECM”) group is typically responsible forpitching, marketing and pricing a transaction. Requiring heavyinteraction with other in-house disciplines/departments (e.g., banking,sales, research) as well as the greater investment community (e.g., “thestreet”), ECM can be considered as the nucleus of a transaction or deal.Unlike the sales and banking functions, the capital markets group hasthe tough role of satisfying two clients—the issuer and theinvestor(s)—with fundamentally opposite interests. (I.e., an issuerwants to sell at the highest price possible, while an investor wants tobuy at the lowest price possible). ECM's job is to figure out the rightprice, while managing expectations of both opposing parties.

An institutional sales department (“ICD”) is responsible for knowingwhich of its institutional investors will have interest in a particularnew issue and providing the potentially-interested investors with allthe details and marketing the offering. Once an investor has beeninformed, the institutional salesperson relays the investor's feedbackto ECM.

Beyond this group of in-house disciplines/departments is the syndicate,which, as previously noted, includes a group of broker/dealers, each ofwhich have agreed to underwrite a certain percentage of the offering.Each member's percentage is determined by the member's “underwritingbracket.” Typically, the brackets are allocated as follows:

-   -   Manage—also referred to as Lead Manager, this is the highest        bracket, with the largest percentage in the group;    -   Co-Manage—also referred to as Co-Lead Manager or Joint Lead        Manager, this is the only role that can be shared in the same        bracketing as the Lead-Manager, or can have a separate bracket        of its own;    -   Major—also referred to as underwriters; and,    -   Sub-Major—also referred to as underwriters.

Returning to FIG. 1, in the next step 20 of the process, the investmentbankers consider market conditions, consult with other in-housedepartments (such as institutional sales, ECM, etc.), and devise arecommended issuance strategy for the client. After securing approval 30from the client, the deal is passed to the ECM group formarketing/realization. The syndicate marketers then “circle” 40,pitching the deal to potential investors and soliciting indications ofinterest. Once the deal closes, the net proceeds 50 are distributed tothe client and the underwriting, management and selling concession fees60 are retained by members of the syndicate and the selling group. Theoverall process can take anywhere from months to years to complete.

OBJECTS AND SUMMARY OF THE INVENTION

Efficient management and coordination of the new issue process demandsthat various players have access to up-to-date information concerningvarious aspects of the project. Deal Manager (“DM”) iscomputer-implemented system, used by the assignee, to coordinate themarketing and operational activities involved in primary and secondarypublic and private offerings of equity, debt and equity-linked products,such as bonds. DM collects multi-currency, multi-product, multi-pricedorders from institutions and other syndicate members, displays the orderbook in any currency or product, sorts and summarizes the book in adrill down display by any criteria, allocates orders in any products,generates graphical analysis of orders, allocations and prices, andstores deals for historical view.

DM is implemented using a two-tier architecture (i.e., (Visual C++ andVisual Basic)/Oracle) and supports 150 users in seven countries. DMprovides:

-   -   (1) a single, global repository for all debt and equity        syndicate information;    -   (2) a multi-currency, multi-product, multi-tranche, Dutch        auction;    -   (3) information on filings (both public and private);    -   (4) a calendar of future offerings;    -   (5) a database of customer indications (from the sales        department);    -   (6) a database of customer allocations (from the syndicate sales        desk);    -   (7) records of each syndicate member's participation;    -   (8) links to wire services, for communication to participating        brokers;    -   (9) links to traders;    -   (10) information concerning deal economics (management and pot);    -   (11) a database of customer designations;    -   (12) information concerning final settlements of revenues and        expenses; and,    -   (13) historical reporting capabilities.

Also in use by the assignee is a related system, the Roadshow system,which tracks the marketing of syndicate new issues, issuer non-dealroadshows and analyst roadshows, and presents this information in acalendar format. The Roadshow system contains all significantinformation pertaining to the roadshows and the underlying deals, suchas pricing/filing dates, conference calls, one-on-one meetings, groupfunctions and holidays. It captures a variety of information, includingmeeting dates, times, locations, attendees from the issuers, investorsand the syndicate manager. It also keeps profiles of institutions andtheir holdings. It facilitates effective marketing of new equity anddebt issues, and coordinates their marketing with that of othercorporate functions, such as sales, research and special events. Itallows for each of the various types of users to enter the informationfor which they are responsible—e.g., the syndicate desk enters theoverall schedule, the regional sales offices can enter their meetingdetails, and the bankers can maintain the list of bankers and companymanagement who attend the meetings. All of this information is availableto users in real-time, with appropriate restrictions on accessibility ofcertain information. Roadshow is implemented using a 3-tier architecture(Visual C++/Entera/Oracle) and supports 800 users in 15 countries. Anexemplary Roadshow screen shot appears in FIG. 2.

While DM and Roadshow provide powerful tools to facilitate the efficientmanagement of the new issue process, they are not well-suited for use byplayers outside the organization of the syndicate manager. Thus, thereremains a significant—but presently unmet—need for computer-basedmethods, apparatus and articles-of-manufacture for supporting thecoordination, communication, record-keeping, accounting, security andscheduling needs of multi-organizational syndicates associated withIPO's and other new financial issues. Furthermore, there also remains asignificant—but presently unsatisfied—need for computer-based methods,apparatus and articles-of-manufacture for allowing retail investor(s) toparticipate directly in the IPO (and other new issue) process.

Accordingly, one object the invention relates to a system that providesDM/Roadshow-like functionality, but is accessible to, and usable by, awider audience.

Another object of the invention relates to a system/method thatfacilitates/permits the delivery of capabilities associated with afinancial services company's in-house “new issues group” directly to thecompany's clients, syndicate members, issuers, and other in-housedepartments, such as sales.

Another object of the invention relates to a system/method tofacilitate/permit expansion of traditional, in-house sales and marketingfunctions through use of inter/intranet technology to provideinformation of upcoming syndications and provide a mechanism thoughwhich a variety of parties (e.g., customers, sales personnel,institutional investors, retail investors, etc.) can express interest inupcoming deals.

A still further object of the invention relates to systems/methods toprovide/facilitate one or more of the aforesaid processing capabilitiesfor common stock offerings (e.g., ordinary shares (“ORD”), AmericanDepository Receipts (“ADR's”), Global Depository Receipts (“GDR's”) andcommon stock), convertible offerings (e.g., bonds and preferred stockofferings) and derivative product offerings.

One or more of the aforementioned objects (as well as other objects) arerealized, at least in part, by the present invention, the variousaspects of which are described below.

Accordingly, generally speaking, and without intending to be limiting,one aspect of the invention relates to a computer-implemented method formarketing a new financial issue, comprising: storing, in a centraldatabase associated with an underwriter of said new issue, informationconcerning said new issue, said stored information includingindication(s)-of-interest in said new issue; linking said centraldatabase to a communication network, such that members of a syndicatemay access selected portions of said database via said communicationnetwork; and regulating access to said central database by selectivelyassigning permissions to said members of said syndicate. Storing maycomprise entering an initial indication-of-interest into said centraldatabase, modifying a previously-entered indication-of-interest storedin said central database, and/or deleting a previously-enteredindication-of-interest stored in said central database. Storing may alsocomprise writing proposed update(s) to a temporary storage medium, then,after review of said proposed update(s), writing said update(s) to saidcentral database; and storing may further comprise electronicallynotifying the members of said syndicate when changes, involvingindication(s)-of-interest, are entered into said central database, saidsyndicate preferably including at least one manager, at least oneissuer, and a plurality of investors. Linking may include connecting tothe internet and/or to a corporate intranet. Regulating access mayfurther comprise assigning permissions such that issuer(s) andunderwriter(s) have less restricted access to said central database thaninvestor(s), and/or checking permission(s) prior to providing access tosaid central database and providing access only as permitted by saidchecked permission(s).

Again, generally speaking, and without intending to be limiting, anotheraspect of the invention relates to a computer-implemented method formanaging and distributing information among members of a new issuesyndicate, said syndicate including an issuer, at least one manager anda plurality of institutional investors, said method comprising: storinginformation concerning said new issue in a computer-readable databasecontrolled by said at least one manager; receiving, via an electroniccommunication link, requests to update said information stored in saidcomputer-readable database, said requests to update including requeststo add, change or delete indication(s)-of-interest in said new issue;and responding to said requests to update by selectively updating saidcomputer-readable database, as directed by said at least one manager.Preferably, said at least one manager controls said computer-readabledatabase by assigning permission(s) for other(s) who seek to access saiddatabase. Said communication link may include at least one internetsegment and/or at least one corporate intranet segment. Said requests toupdate may be received from an institutional investor and/or asalesperson affiliated with said at least one manager. Selectivelyupdating may comprise writing proposed update(s) to a temporary storagemedium, then, after review of said proposed update(s) by said at leastone manager, writing said update(s) to said computer-readable database.

Again, generally speaking, and without intending to be limiting, anotheraspect of the invention relates to a computer-implemented method formarketing a new issue to a group of potential investors, said groupincluding institutional investors and retail investors, said methodcomprising: storing, in a computer-readable database associated with anunderwriter of said new issue, information, including a prospectus andindication(s)-of-interest, concerning said new issue; linking saidcomputer-readable database to a communication network; receiving firstindication(s)-of-interest from one or more of said institutionalinvestors, via said communication network, and storing said firstindication(s)-of-interest in said computer-readable database; andreceiving second indication(s)-of-interest from one or more of saidretail investors, via said communication network, and storing saidsecond indication(s)-of-interest in said computer-readable database,each of said second indication(s)-of-interest having at least one toclearing broker and/or dealer associated therewith. Said communicationnetwork may include at least one internet segment and/or at least onecorporate intranet segment. Said computer-implemented method may furtherinclude refusing to store indication(s)-of-interest, received fromretail investors, which do not have a clearing broker and/or dealerassociated therewith. Said first and second indication(s)-of-interestmay be received in any order.

Again, generally speaking, and without intending to be limiting, anotheraspect of the invention relates to a computer-based apparatus formarketing a new financial issue, comprising: a central databaseassociated with an underwriter of said new issue, said databasecontaining information concerning said new issue, includingindication(s)-of-interest in said new issue; a communication network,connected to said central database, such that members of a syndicate mayaccess selected portions of said database via said communicationnetwork; and means for regulating access to said central database byselectively assigning permissions to said members of said syndicate. Theinformation contained in said central database may include at least oneinitial indication-of-interest and/or at least one previously-entered,and subsequently modified, indication-of-interest. The apparatus mayfurther comprise means for writing proposed update(s) to a temporarystorage medium, then, after review of said proposed update(s), writingsaid update(s) to said central database, and/or means for electronicallynotifying the members of said syndicate when changes, involvingindication(s)-of-interest, are entered into said central database,wherein said syndicate preferably includes at least one manager, atleast one issuer and a plurality of institutional investors. Saidcommunication network may include at least one internet segment and/orat least one corporate intranet segment. Said means for regulatingaccess may further comprise means for assigning permissions such thatissuer(s) and underwriter(s) have less restricted access to said centraldatabase than institutional investor(s), and/or means for checkingpermission(s) prior to providing access to said central database and forproviding access only as permitted by said checked permission(s).

Again, generally speaking, and without intending to be limiting, anotheraspect of the invention relates to a computer-based apparatus formanaging and distributing information among members of a new issuesyndicate, said syndicate including an issuer, at least one manager anda plurality of institutional investors, said apparatus comprising: acomputer-readable database, controlled by said at least one manager,said computer-readable database containing indication(s)-of-interest insaid new issue; means for receiving, via an electronic communicationlink, requests to update said information stored in saidcomputer-readable database, said requests to update including requeststo add, change or delete indication(s)-of-interest in said new issue;and means for responding to said requests to update by selectivelyupdating said computer-readable database, as directed by said at leastone manager. Said apparatus may further include means for allowing atleast one manager to control said computer-readable database byassigning permission(s) for other(s) who seek to access said database.Said communication link may include at least one internet segment and/orat least one corporate intranet segment. Said requests to update may bereceived from an institutional investor and/or a salesperson affiliatedwith said at least one manager. Said apparatus may further include meansfor writing proposed update(s) to a temporary storage medium, then,after review of said proposed update(s) by said at least one manager,writing said update(s) to said computer-readable database.

Again, generally speaking, and without intending to be limiting, anotheraspect of the invention relates to a computer-based apparatus formarketing a new issue to a group of potential investors, said groupincluding institutional investors and retail investors, said apparatuscomprising: means, associated with an underwriter of said new issue, forstoring, in a computer-readable database, information, includingindication(s)-of-interest, concerning said new issue; a communicationnetwork, linked to said computer-readable database; means for receivingfirst indication(s)-of-interest from one or more of said institutionalinvestors, via said communication network, and for storing said firstindication(s)-of-interest in said computer-readable database; and meansfor receiving second indication(s)-of-interest from one or more of saidretail investors, via said communication network, and for storing saidsecond indication(s)-of-interest in said computer-readable database,each of said second indication(s)-of-interest having at least oneclearing broker and/or dealer associated therewith. Said communicationnetwork may include at least one internet segment and/or at least onecorporate intranet segment. Said apparatus may further include means forrefusing to store indication(s)-of-interest, received from retailinvestors, which do not have a clearing broker and/or dealer associatedtherewith. Said first and second indication(s)-of-interest may bereceived in any order.

Again, generally speaking, and without intending to be limiting, anotheraspect of the invention relates to an article-of-manufacture for usewith a computer, said article-of-manufacture comprising acomputer-readable medium containing a plurality of instructions,including instructions which, when executed, cause said computer to:store, in a central database associated with an underwriter of a newissue, information concerning said new issue, includingindication(s)-of-interest in said new issue; link said central databaseto a communication network, such that members of a syndicate may accessselected portions of said database via said communication network; andregulate access to said central database by selectively assigningpermissions to said members of said syndicate.

Again, generally speaking, and without intending to be limiting, anotheraspect of the invention relates to an article-of-manufacture for usewith a computer, said article-of-manufacture comprising acomputer-readable medium containing a plurality of instructions,including instructions which, when executed, cause said computer to:store information concerning a new issue in a computer-readable databasecontrolled by a manager; receive, from institutional investors via anelectronic communication link, requests to update said informationstored in said computer-readable database, said requests to updateincluding requests to add, change or delete indication(s)-of-interest insaid new issue; and respond to said requests to update by selectivelyupdating said computer-readable database, as directed by said manager.

Again, generally speaking, and without intending to be limiting, a finalaspect of the invention relates to an article-of-manufacture for usewith a computer, said article-of-manufacture comprising acomputer-readable medium containing a plurality of instructions,including instructions which, when executed, cause said computer to:store, in a computer-readable database associated with an underwriter ofa new issue, information, including indication(s)-of-interest,concerning said new issue; link said computer-readable database to acommunication network; receive first indication(s)-of-interest from oneor more institutional investors, via said communication network, andstore said first indication(s)-of-interest in said computer-readabledatabase; and receive second indication(s)-of-interest from one or moreretail investors, via said communication network, and store said secondindication(s)-of-interest in said computer-readable database, each ofsaid second indication(s)-of-interest having at least one clearingbroker and/or dealer associated therewith.

Still further aspects of the invention relate to alternative orsupplemental combinations, or sub-combinations, of the above-describedstructures, elements, steps and/or articles-of-manufacture consistentwith, and/or in furtherance of, the objects and advantages of theinvention herein.

BRIEF DESCRIPTION OF THE DRAWINGS

Certain aspects of the present invention are depicted in theaccompanying drawings, which are intended to be considered inconjunction with the detailed description below, and which are intendedto be illustrative rather than limiting, and, in which:

FIG. 1 exemplifies the traditional process of creating and selling a newissue;

FIG. 2 is an exemplary screen shot from the assignee's Roadshow system;

FIG. 3 is a chart depicting the various users of the i-Deal system;

FIG. 4 provides a legend for symbols used in the use case examples ofFIGS. 5-20 below;

FIG. 5 depicts the case in which an institutional investor enters an IOIfor the first time;

FIG. 6 depicts the case in which an institutional investor updates apreviously-entered IOI;

FIG. 7 depicts the case in which an institutional investor cancels apreviously-entered IOI;

FIG. 8 depicts the case in which an institutional investor reinstates apreviously-cancelled IOI;

FIG. 9 depicts the case in which sales enters an IOI on behalf of aninstitutional investor;

FIG. 10 depicts the case in which sales edits/updates an IOI on behalfof an institutional investor;

FIG. 11 depicts the case in which sales cancels a previously-entered IOIon behalf of an institutional investor;

FIG. 12 depicts the case in which sales reinstates a previously-canceledIOI on behalf of an institutional investor;

FIG. 13 depicts the case in which ECM enters an IOI, on behalf of aninstitutional investor, at the request of sales;

FIG. 14 depicts the case in which ECM modifies a previously-entered IOI,on behalf of an institutional investor, at the request of sales;

FIG. 15 depicts the case in which ECM cancels a previously-entered IOI,on behalf of an institutional investor, at the request of sales;

FIG. 16 depicts the case in which ECM reinstates a previously-cancelledIOI, on behalf of an institutional investor, at the request of sales;

FIG. 17 depicts the case in which a syndicate member enters an initialretention IOI;

FIG. 18 depicts the case in which a syndicate member modifies apreviously-entered retention IOI;

FIG. 19 depicts the case in which a syndicate member cancels apreviously-entered retention IOI; and,

FIG. 20 depicts the case in which a syndicate member reinstates apreviously-cancelled retention IOI.

DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENT(S)

Certain aspects of the invention are exemplified herein by reference toa presently preferred embodiment, known as the “i-Deal” system. Whilecertain aspects of the present invention may be illustrated herein withreference to IPO's, it is expressly understood that the inventionapplies equally to a wide variety of offerings, such as common stockofferings, convertible offerings, and derivative product offerings.Moreover, offerings of non-US issuers often include multiple tranches ofsecurities—and those skilled in the art will appreciate that theinvention may be adapted to service such offerings. Thus, although manydifferent classifications of new issues exist (for example, the group of“convertibles” includes Zero Coupon bonds, perpetual and stated maturitybonds, bonds with special tax treatments, etc.), the basic requirementsfor processing customer indications remain largely the same.

Institutional customers, research sales personnel on behalf ofinstitutional customers, syndicate members, in-house syndicate personneland retail “E-tranche” brokers, on behalf of their customers, may alluse the i-Deal application.

Preferably, all approved clients are provided with the capability ofselecting an issue from a list of upcoming deals. The list includes bothmanaged and co-managed deals, and preferably sorts based on expecteddate of the offerings. The list displays the name of the issuer, thesize of the issue, company symbol, expected date of the deal, type ofoffering and price talk (file range for IPO's and last sale forsecondary offerings). Add, modify, cancel and delete procedures areprovided. Additionally, reporting on prior indications and allocationsis provided.

The communication between the client (institutional customer, sales forthe institutional customer, syndicate member or in-house syndicatepersonnel) and the syndicate desk (“ECM”) is controlled by use of apending queue mechanism. Immediate acknowledgment of delivery of an IOIto the syndicate desk is communicated, as a result of the successfulcompletion of the entry. A second acknowledgment is sent to the clientbased upon the acceptance of the IOI by the syndicate coordinator.Preferably, the syndicate desk coordinator must take an action thatmoves the “pending order” into the “official book.” This action willcommunicate to the end-client an acknowledgment that the IOI has beenaccepted, either in whole or in part.

I-Deal provides each II with the capability to view IOI's/Allocations,and to search, sort and filter:

-   -   By Deal;    -   By IOI/Allocation;    -   By the II's Customer Name/Account;    -   By IOI Type; and/or,    -   By IOI Status.

Reference is now made to FIG. 3, which depicts the community 31 ofin-house 32 and external 33 i-Deal users. In-house, or internal, users32 include an institutional sales department 32 a, an internal syndicategroup 32 b, an in-house investment banking group 32 c, an in-houseresearch group 32 d and an in-house technology group 32 e. Withininstitutional sales 32 a, both a sales trader 32 a 1 and research sales32 a 2, as well as their respective sales assistants 32 a 3/32 a 4, mayuse the i-Deal system. Likewise, within the syndicate group 32 b, i-Dealusers may be found within origination 32 b 1, marketing 32 b 3 andoperations 32 b 5, as well as various supporting analysts 32 b 2/32 b 4.External users 33 include the syndicate 33 a, issuer 33 b and investors33 c. External syndicate 33 a users may include a joint book runner 33 a1, a lead manager 33 a 2, a co-manager 33 a 3, an underwriter 33 a 4, aselling group 33 a 5 and E-brokers 33 a 6. Investor users 33 c of thei-Deal system may include institutional investors 33 c 1, middle marketinvestors 33 c 2 and retail investors 33 c 3.

The time frame for the marketing of each deal varies based upon marketconditions and the client need for the proceeds of an issue. Anindicator (switch) is set at the tranche level to start and stop theindication process for each offering. Access to the indication entryprocess is restricted at all times except during the active period.

The following background discussion is intended to facilitate thereader's understanding of the present invention.

Indications of Interest: An indication of interest can be described as adesire to enter an order to purchase a security at a stated price(limit) or at the established price of the offering (market). Thisindication can be expressed in security amounts (e.g., number of shares)or currency amounts (e.g., up to $2,00,000 of amount issued).

Coverage Team (“CT”): The group of in-house sales people who participatein facilitating the given client's business needs.

Sales or Salesforce: May Refer to both the Sales Trader and/or ResearchSales (in an Equity Model), who maintain a relationship with theInstitutional Investor and the Syndicate Marketer.

Relationship Manager (“RM”): The in-house sales person who isresponsible for overall account management (by product type) for a givencustomer. The RM is the point person on the Coverage Team.

Syndicate Marketing (“ECM”): Generically refers to the equity syndicatemarketer who is running a given deal.

Syndicate Member: A Broker/Dealer who participates in a to given deal.His/her role may be manager, co-manager, underwriter or member of theselling group.

Selling Group: A Broker/Dealer or Buy Side firm which distributes theoffering and receives a selling concession for their efforts. Theselling group members are compensated on the number of shares sold.

Designation: The Allocation which is “designated for credit” by theInstitutional client back to a Syndicate Member, usually along Pot Splitlines.

Exercised Greeenshoe Amount: Greenshoe can be exercised, in whole or inpart, up to maximum Greenshoe Size. Exercised Greenshoe Amount is thetotal Exercised at any point in time.

File Size: The amount filed w/ the SEC (same as Launch Size forinternational deals).

Hard Pot: A U.S.-style deal, where IOI's are communicated through thelead manager. Only one II is permitted per deal (tranche).

Greenshoe Size: The amount set aside by the issuer for fillingover-allotments. Typically, 15% of the Issue size.

Institutional Pot: The number of Shares (Bonds/Units) allocated forInstitutional Investor orders.

Institutional Retention: The number of Shares (Bonds/Units) allocated tothe syndicate-managing organization for its own institutional clients.

Issue Size: The number of Shares (Bonds/Units) to be underwritten forthe issue. This is size printed on the FINAL prospectus.

Issue Size w/ Greenshoe: The sum of the Issue Size and the ExercisedGreenshoe Amount.

Retail Retention: The number of Shares (Bonds/Units) allocated fordistribution through the syndicate-managing organization's Retailchannel.

Revised File Size: Some size changes require re-filing with the SEC.

Soft Pot: A Euro-style deal, where IOI's can be communicated andattributed to all syndicate members. One-to-many IOI's are permitted perdeal (tranche), per customer. However, only one (max) may be attributedto a given syndicate member, in a given deal (tranche).

Street Retention: The number of Shares (Bonds/Units) allocated tosyndicate members for distribution to their institutional and/or retailcustomers.

Tranche: A sub-structure of the overall deal. Typically, tranches arebroken out by geographical regions, product types or special situations(e.g., an employee tranche).

Tranche Size: The number of Shares (Bonds/Units) underwritten for agiven tranche.

Underwriters: Members of the Syndicate who have a liability to theissuer for the purchase of a percentage of the overall deal (tranche).

Aspects of the present invention will next be described by reference tovarious illustrative examples, presented by means of a “use case”approach. These examples are intended to exemplify the business processflows and requirements (by role and associated functionality) in thei-Deal system. These use cases are organized into “swim lanes,” witheach lane representing a relevant player in the depicted process. Eachprocess type, in a given lane, is a specific action in the overallworkflow.

Referring now to FIG. 4, which exemplifies the process flow symbols usedin FIGS. 5-20 below, these symbols are:

-   -   a rectangle 100, representing an automated process;    -   a funnel-shaped trapezoid 110, representing a manual process;    -   an irregular rectangle 120, representing a manual input;    -   a dashed rectangle 130, representing a process that may be        manual or automatic;    -   a solid arrow 140, representing a connector in the process flow;    -   a dashed arrow 150, representing an optional connector or branch        in the process flow;    -   a diamond 160, representing a decision step; and,    -   a rounded rectangle 170, representing the end of a process.

Reference is now made to FIG. 5, which depicts the case in which aninstitutional investor enters an IOI. In the depicted process flow, itis assumed that:

-   -   (1) the institutional investor (“II”) is properly permissioned        to use the i-Deal system;    -   (2) the in-house sales person is properly permissioned as well;    -   (3) client and coverage team are tightly coupled;    -   (4) a notification mechanism (e.g., e-mail, push technologies,        pager, etc.) exists for the II, in-house institutional sales        (“ICD”) and ECM;    -   (5) the deal-in-question employs a “Hard Pot Model,” such that        only one IOI per client (per deal/tranche) is permitted;    -   (6) No IOI exists for the particular client, with respect to the        deal/tranche-in-question; and,    -   (7) the IOI's are Institutional Pot Orders (or Institutional        Retention in the case of sole managed deals).

Still referring to FIG. 5, the process begins with selection 111 of adeal. Selection 111 involves an II will logging into the i-Deal system,and selecting a deal (and/or tranche) for which he/she is permissioned.An II may have access to only one tranche. This will typically bedictated by region code. A given deal may have one or more tranches(e.g., geographic location/product type).

Still referring to FIG. 5, the next step 112 involves the II entering anIOI. Each II has a unique id, which will appear on the i-Deal screen,and will also be made available internally to the i-Deal application.The II may then enter an IOI amount, select a particular salesperson orbroker/dealer, indicate whether the IOI is firm, and enter anyappropriate comments.

Still referring to FIG. 5, the next step 113 places the entered IOI intothe DM Pending Book; thus, the IOI will automatically populate the DMPending Book for that deal. Without the need for any action by ECM, amessage will be sent 113 a/113 b to both the II and ICD that an orderhas been received. Use of a pending book allows ECM to control whatorders and information are allowed into the official book. The pendingbook serves as a work area for ECM, where information can be adjusted,audited and validated, prior to moving the IOI 115 to the official book.

Often, the sales force will want to provide additional color on a givenIOI. If they take that action 114, the IOI will be updated accordinglyin the pending book. If the IOI has already been moved 115 to theofficial book, an “out of date” notification will be sent to Sales andECM—but NOT to the Institutional Investor, as these are internalcomments only. I-Deal may be configured such that only a single salesperson is permissioned to control the entry of comments on a given IOI.

Finally, and still referring to FIG. 5, if the ECM deems the IOIacceptable, they can highlight the order in the pending book and clickon the Populate button—which causes the IOI to be moved 115 to theofficial book. Prior to process termination 116, a message will beautomatically sent 115 a/115 b to ICD and the II indicating that the IOIhas become part of the overall demand for the deal.

Reference is now made to FIG. 6, which depicts the case in which aninstitutional investor updates a previously-entered IOI. The assumptionsunderlying the FIG. 12 process are the same as those for FIG. 11, exceptthat FIG. 12 assumes that an IOI has been previously entered, by the II,for the deal (and/or tranche) in question.

Referring still to FIG. 6, the process begins with the II selecting adeal 121 in a manner analogous to step 111 (of FIG. 11). After selectinga deal, the current IOI already entered should be available for editing.The II then clicks on an Update IOI button to select 122 thepreviously-entered IOI for updating. At step 123, the II user may editselected fields of the to previously-entered IOI. The field(s) availablefor edit at step 123 preferably include amount.

Next, the edited IOI is updated 124 in the pending book, in a similarmanner to step 113 (of FIG. 5) and appropriate update messages 124 a/124b are sent to the client and sales, respectively. Optionally, a salescommentary may be entered 125 in a manner similar to step 114 (of FIG.5). Finally, the IOI is optionally updated 126, by ECM, in the officialbook, prior to process termination 127. Step 126 is optional, since ECMis not required to facilitate multiple changes to IOI's, especially on“hot deals.”

Reference is now made to FIG. 7, which depicts the case in which aninstitutional investor cancels a previously-entered IOI. The assumedprecondition for the FIG. 13 process are the same as those for FIG. 6,and steps 131 and 132 (of FIG. 7) are analogous to steps 121 and 122 (ofFIG. 6), respectively.

Referring still to FIG. 7, once a previously-entered IOI is selected,the II will have the opportunity to cancel the IOI 133 by clicking onthe Cancel Button. To ensure that this is not an error, the II shouldpreferably be prompted with a message, explaining his/her actions andthe resulting effect on his/her deal participation (or lack thereof). Atstep 134, the cancelled IOI is updated in the DM Pending Book—in asimilar manner to step 124 (of FIG. 6); however in the case of step 134,alerts 135 a/b are preferably sent, since the demand for the deal willbe decreased. A sales commentary 136 may be entered. The cancelled IOIis updated 137 in the official book. And appropriate confirmatorymessages 138 a/b are sent, prior to process termination 139.

Reference is now made to FIG. 8, which depicts the case in which aninstitutional investor reinstates a previously-cancelled IOI. Thedepicted process begins with selection 141 of a deal, followed byselection 142 of a previously-cancelled IOI. IOI's that are cancelledare not deleted from the i-Deal database. Therefore, the II can selectthe IOI and bring it up, in grayed out form. At step 143, the alreadycancelled IOI is reinstated by clicking on the a Reinstate Button. Toensure that this is not an error, the II should be prompted with amessage, explaining his/her actions and the resulting effect on his/herdeal participation. The reinstated IOI is next 144 updated in the DMPending Book; an alert is then preferably sent to interested parties 145a/b, indicating that an IOI has been reinstated. A sales commentary 146may be entered. The reinstated IOI is updated 147 in the official book.And appropriate confirmatory messages 148 a/b are sent, prior to processtermination 149.

Reference is now made to FIG. 9, which depicts the case in which ICDsales enters IOI on behalf of an institutional investor. This use caseallows for a dialogue initiated by either ICD sales 150 b or the II 150a regarding interest in a given deal. Either way, an ICD Salespersonwill log into i-Deal and select 151 a deal (tranche) for which he/she ispermissioned. The salesperson will then select a client 152 that he/sheis permitted to serve (i.e., the salesperson must be a member of thecoverage team for the selected client). Next, the ICD salesperson entersan IOI amount 153 for the selected client/deal. The IOI will thenautomatically populate 155 the DM Pending Book for that deal. Prior toany action by ECM, a message will be sent to both the II 158 and ICDsalesperson (not shown) that an IOI has been received. In this case, theICD salesperson, will get confirmation within his/her current screen. Atstep 156, the IOI is moved to official book; this is preferably done byECM highlighting the IOI in the pending book and clicking on thePopulate button. Messages are then sent to Sales 157 a and the II 157 bindicating that the order has become part of the overall demand for thedeal.

Reference is now made to FIG. 10, which depicts the case in which ICDsales edits/updates an IOI on behalf of an institutional investor. Theprocess begins either with the II contacting sales 160 a or the converse160 b, after which ICD sales proceed to select 161 the deal forediting/updating, the edit/update is entered 163, and the edited/updatedIOI is moved 164 to the pending book (and the client is notified 165that the request to update has been received). After approval, theupdate is moved 166 to the official book, notifications 167 a/b ofacceptance are sent, and the process terminates 168.

Reference is now made to FIG. 11, which depicts the case in which ICDsales cancels a previously-entered IOI on behalf of an institutionalinvestor. The process begins either with the II contacting sales 170 aor the converse 170 b, after which ICD sales proceed to select 171 thedeal for IOI cancellation. After reviewing a warning message, the ICDsalesperson enters 173 the cancellation command, whereupon the cancelledIOI is moved 174 to the pending book (and the client is notified 175that the request to cancel has been received). After approval, the IOIis cancelled 176 in the official book, notifications 177 a/b ofcancellation are sent, and the process terminates 178. N.B.: An IOI ispreferably never “deleted” entirely from the electronic records, sinceit is desirable to track this action for audit purposes.

Reference is now made to FIG. 12, which depicts the case in which ICDsales reinstates a previously-canceled IOI on behalf of an institutionalinvestor. The process begins either with the II contacting sales 180 aor the converse 180 b, after which ICD sales proceed to select the deal181 and the previously-canceled IOI 182 for reinstatement. To ensurethat there is no error, the salesperson should be prompted with amessage, explaining his/her actions and the resulting effect on dealparticipation. The reinstate commanded is entered 183, and thereinstated IOI is moved 184 to the pending book (and the client isnotified 185 that the request to reinstate has been received). Afterapproval, the reinstated IOI is moved 186 to the official book,notifications 187 a/b of acceptance are sent, and the process terminates188.

In addition to those features illustrated and described in connectionwith FIGS. 9-12 above, an ICD salesperson can also use the i-Deal systemto view IOIs/allocations on current deals (not settled) for a givendeal, as well as across multiple deals, and can search, sort and filter:

-   -   by deal;    -   by IOI/allocation;    -   by customer name/account;    -   by order type;    -   by order status; and/or,    -   by salesperson (and permissioned sales assistants and sales        managers).

Reference is now made to FIG. 13, which depicts the case in which ECMenters an IOI, on behalf of an institutional investor, at the request ofICD sales. In this case, initial interest or contact may begin with theII expressing interest 190 a or the ICD salesperson contacting 190 b theII about the deal. Either way, once the salesperson receives the IOI, hecommunicates 190 c the IOI to ECM, who proceeds to implement the orderby selecting the relevant deal 191, selecting the relevant client 192,and entering the IOI 193. (Note: Use of a pending book is notnecessary—since ECM is in direct control of the IOI entry process.) Thenewly-entered IOI is placed in the official book 194, notifications tosales 195 a and client 195 b are sent, and the process terminates 196.

Reference is now made to FIG. 14, which depicts the case in which ECMmodifies a previously-entered IOI, on behalf of an institutionalinvestor, at the request of ICD sales. In this case, initial desire tomodify may begin with the II expressing interest 200 a or the ICDsalesperson contacting 200 b the II. Either way, once the salespersonreceives the request to modify the previously-entered IOI, hecommunicates 200 c the request to ECM, who proceeds to implement therequest by selecting the relevant deal 201, selecting the relevantclient 202, and modifying the IOI 203 in accordance with the request.(Note: Use of a pending book is not necessary—since ECM is in directcontrol of the IOI modification process.) The modified IOI is placed inthe official book 204, notifications to sales 205 a and client 205 b aresent, and the process terminates 206.

Reference is now made to FIG. 15, which depicts the case in which ECMcancels a previously-entered IOI, on behalf of an institutionalinvestor, at the request of ICD sales. In this case, initial desire tocancel may begin with the II expressing interest 210 a or the ICDsalesperson contacting 210 b the II. Either way, once the salespersonreceives the request to cancel the previously-entered IOI, hecommunicates 210 c the request to ECM, who proceeds to implement therequest by selecting the relevant deal 211, selecting the relevantclient 212, and canceling the IOI 213. (Note: Use of a pending book isnot necessary—since ECM is in direct control of the IOI modificationprocess.) The cancellation is entered in the official book 214,notifications to sales 215 a and client 215 b are sent, and the processterminates 216. An additional, high-level internal notification may alsobe sent, since demand for the deal has been reduced.

Reference is now made to FIG. 16, which depicts the case in which ECMreinstates a previously-cancelled IOI, on behalf of an institutionalinvestor, at the request of ICD sales. In this case, initial desire torestore may begin with the II expressing interest 220 a or the ICDsalesperson contacting 220 b the II. Either way, once the salespersonreceives the request to reinstate the previously-cancelled IOI, hecommunicates 220 c the request to ECM, who proceeds to implement therequest by selecting the relevant deal 221, selecting the relevantclient 222, and reinstating the previously-cancelled IOI 223. (Note: Useof a pending book is not necessary—since ECM is in direct control of theIOI modification process.) The reinstatement is entered in the officialbook 224, notifications to sales 225 a and client 225 b are sent, andthe process terminates 226.

Reference is now made to FIG. 17, which depicts the case in which asyndicate member enters an initial retention IOI. The process beginswith a syndicate member logging into i-Deal and selecting a deal(tranche) 230 for which he/she is permissioned. The member then attemptsto enter 231 a retention IOI for the first time. The deal may have oneor more tranches (geographic location/product type). The SyndicateMember's unique id is preferably stored.

The new retention IOI is then placed 232 in the pending book and, afterreview/approval by ECM, is moved 233 to the official book. (Of course,requests for institutional retention are rarely rejected.) Prior totermination 235 of the process, a notice is sent 234 to the syndicatemember confirming acceptance of the retention IOI.

Reference is now made to FIG. 18, which depicts the case in which asyndicate member modifies a previously-entered retention IOI. Theprocess begins with the syndicate member selecting a deal 240, the IOI241, and requesting 241 a the modification. The modified retention IOIis then placed 242 in the pending book and, after review/approval byECM, is moved 243 to the official book. Prior to termination 245 of theprocess, a notice is sent 244 to the syndicate member confirmingmodification of the retention IOI.

Reference is now made to FIG. 19, which depicts the case in which asyndicate member cancels a previously-entered retention IOI. The processbegins with the syndicate member selecting the deal 250, the IOI 251,and requesting 251 a cancellation thereof. The identified retention IOIis then cancelled 252 in the pending book and, after review/approval byECM, is similarly cancelled 253 in the official book. Prior totermination 255 of the process, a notice is sent 254 to the syndicatemember confirming cancellation of the identified retention IOI.

Reference is now made to FIG. 20, which depicts the case in which asyndicate member reinstates a previously-cancelled retention IOI. Theprocess begins with the syndicate member selecting the deal 260, thepreviously-cancelled IOI 261, and requesting 261 a reinstatementthereof. The identified retention IOI is then reinstated 262 in thepending book and, after review/approval by ECM, is similarly reinstated263 in the official book. Prior to termination 265 of the process, anotice is sent 264 to the syndicate member confirming reinstatement ofthe identified retention IOI.

The i-Deal system also delivers capabilities to various in-house andsyndicate users, as well as selected outside users (e.g., investors,issuer) to facilitate roadshows. Basically, a roadshow is an event inwhich ECM coordinates various types of meetings to market an upcomingNew Issue to potential investors. The goal set out for ECM is to get theissuer (the company selling its stock in a public offering) in front ofas many potential buyers as possible.

To expedite the process of setting up a roadshow, ECM uses The RoadshowSystem, an application specifically designed for warehousing meetinginformation efficiently in a calendar format. The Roadshow system isused for tracking all marketing of Syndicate New Issues, Issuer Non-dealRoadshows and Analyst Roadshows. The system contains all significantinformation pertaining to the roadshows and the underlying deals, suchas various management meetings, pricing/filing dates, conference calls,one-on-one meetings, group functions, research blackout dates andholidays. It also keeps profiles of institutions and their holdings andallows ECM to coordinate its marketing with that of other areas such asSales, Research and Special Events.

Among the events tracked by the present invention are a variety ofpre-filing meetings, pre-marketing meetings, and marketing meetings. Thepre-filing meetings typically include:

-   -   (i) Meetings to discuss structure, valuation and marketing        issues; and,    -   (ii) Meetings to discuss due diligence issues, such as legal        issues, research issues, deal economics, etc.        The pre-marketing meetings typically include:    -   (i) A “kick-off” meeting, during which an in-house research        analyst prepares and educates the in-house sales force (with the        regional sales force is hooked in telephonically) for a specific        upcoming issue. The analyst will typically review the story,        estimates and valuation for the deal;    -   (ii) A presentation by the issuer for the in-house sales force        (with the regional sales force hooked in telephonically). The        purpose of this meeting is two-fold: (1) to educate and prepare        the sales force to effectively market the new issue to their        accounts; (2) to provide a “dry-run” for the issuer management        to present its story and hear questions and comments, from the        syndicate and others who will be involved in the realization of        the deal; and,    -   (iii) For international deals, a meeting at which the research        analyst educates potential institutional investors on an        upcoming new issue before the management roadshow.        The marketing meetings typically include:    -   One-on-one—self-explanatory; a meeting in which the issuer and a        potential institutional investor are the only necessary        participants. This type of meeting is usually for the largest        potential buyers.    -   Group—most popular during breakfast, lunch and dinner, these        meetings usually include a formal presentation hosted by the        issuer for investors. The size of a group meeting is determined        by the number of investors in attendance, and can vary from 3 to        200 attendees. The participants are usually investors who were        not able to get (or did not need) a 1-on-1 meeting. In addition,        various bankers and research analysts (from co-managers and        syndicate member firms) will attend.    -   Analyst for Accounts—an external conference call hosted by the        in-house research analyst for potential investors who need        guidance on an upcoming issue. This call usually takes place        during the middle of the marketing period. Often, the analyst        will give multiple calls, perhaps two for U.S. accounts and one        for International accounts.    -   Management for Accounts—an external conference call hosted by        the issuer for potential investors. This is a good way to get        the Issuer's presentation out to a broader audience.

While the present invention, as exemplified by the i-Deal system, hasbeen described by illustrative reference to various features and aspectsthereof, those skilled in the art will appreciate that no particularaspect or feature of the invention should be considered“essential”—unless expressly set forth in the claims that follow. Thoseskilled in the art will further appreciate that the claims below, eachof which calls (at least in part) for some sort of computerimplementation, execution and/or realization, should be construedbroadly to include, cover and/or refer to any sort of programmabledevice(s) whatsoever, including, but not limited to PCs, CPUs,minicomputers, servers, mainframe computers, PDAs, embedded controllers,intelligent terminals, distributed or network-based computers, andcomputers based on unconventional architectures (e.g., neural networks,data-flow machines, massively parallel machines).

1. A computer-implemented method for marketing a new financial issuecomprising: storing, in a central database associated with anunderwriter of said new issue, information concerning said new issue,said stored information including at least one indication of interest insaid new issue; linking said central database to a communicationnetwork, wherein an issuer and members of a syndicate can accessselected portions of said database via said communication network;regulating access to the at least one indication of interest in saidcentral database by selectively assigning permissions to said members ofsaid syndicate and the issuer; and allocating, using a programmabledevice, the financial issue based on a determination by the issuerand/or at least a member of the syndicate, wherein the determination isbased on the at least one indication of interest in the centraldatabase, wherein the financial issue is selected from the groupconsisting of equity securities, preferred stock, corporate bonds, andmunicipal bonds, and wherein the central database stores financial issueinformation related to equity securities, preferred stock, corporatebonds, and municipal bonds.
 2. A computer-implemented method, as definedin claim 1, wherein storing comprises entering an initial indication ofinterest into said central database.
 3. A computer-implemented method,as defined in claim 1, wherein storing comprises modifying apreviously-entered indication of interest stored in said centraldatabase.
 4. A computer-implemented method, as defined in claim 1,wherein storing comprises deleting a previously-entered indication ofinterest stored in said central database.
 5. A computer-implementedmethod, as defined in claim 1, wherein storing comprises writingproposed at least one update to a temporary storage medium, then, afterreview of said proposed at least one update, writing said at least oneupdate to said central database.
 6. A computer-implemented method, asdefined in claim 1, wherein storing further comprises electronicallynotifying the members of said syndicate when changes, involving at leastone indication of interest, are entered into said central database.
 7. Acomputer-implemented method, as defined in claim 6, wherein saidsyndicate includes at least one manager.
 8. A computer-implementedmethod, as defined in claim 7, wherein said syndicate further comprisesat least one issuer or institutional investor.
 9. A computer-implementedmethod, as defined in claim 1, wherein linking includes connecting tothe internet.
 10. A computer-implemented method, as defined in claim 1,wherein linking includes connecting to a corporate intranet.
 11. Acomputer-implemented method, as defined in claim 1, wherein regulatingaccess further comprises assigning permissions such that issuer(s) andunderwriter(s) have less restricted access to said central database thaninstitutional investor(s).
 12. A computer-implemented method, as definedin claim 1, wherein regulating access further comprises checking atleast one permission prior to providing access to said central databaseand providing access only as permitted by said checked permissions. 13.The method of claim 1, wherein the indication-of-interest is entered bya member of an equity capital markets group or institutional salesdepartment on behalf of an investor.
 14. The method of claim 1, furthercomprising the step of entering, by a member of the syndicate, aretention indication of interest.
 15. A computer-based apparatus formarketing a new financial issue, comprising: a central databaseassociated with an underwriter of said new issue, said databasecontaining information concerning said new issue, including at least oneindication of interest in said new issue; a communication network,connected to said central database, wherein an issuer and members of asyndicate can access selected portions of said database via saidcommunication network; and, means for regulating access to the at leastone indication of interest in said central database by selectivelyassigning permissions to said members of said syndicate and the issuer;wherein the financial issue is allocated based on a determination by theissuer and/or at least a member of the syndicate, wherein thedetermination is based on the at least one indication of interest in thecentral database, wherein the financial issue is selected from the groupconsisting of equity securities, preferred stock, corporate bonds, andmunicipal bonds, and wherein the central database stores financial issueinformation related to equity securities, preferred stock, corporatebonds, and municipal bonds.
 16. A computer-based apparatus, as definedin claim 15, wherein the information contained in said central databaseincludes at least one initial indication of interest.
 17. Acomputer-based apparatus, as defined in claim 15, wherein theinformation contained in said central database includes at least onepreviously-entered, and subsequently modified, indication of interest.18. A computer-based apparatus, as defined in claim 15, furthercomprising means for writing proposed at least one update to a temporarystorage medium, then, after review of said proposed at least one update,writing said at least one update to said central database.
 19. Acomputer-based apparatus, as defined in claim 15, further comprisingmeans for electronically notifying the members of said syndicate whenchanges, involving indication of interest, are entered into said centraldatabase.
 20. A computer-based apparatus, as defined in claim 19,wherein said syndicate includes at least one manager.
 21. Acomputer-based apparatus, as defined in claim 20, wherein said syndicatefurther comprises at least one issuer or institutional investor.
 22. Acomputer-based apparatus, as defined in claim 15, wherein saidcommunication network includes at least one internet segment.
 23. Acomputer-based apparatus, as defined in claim 15, wherein saidcommunication network includes at least one corporate intranet segment.24. A computer-based apparatus, as defined in claim 15, wherein saidmeans for regulating access further comprises assigning permissions suchthat issuer(s) and underwriter(s) have less restricted access to saidcentral database than institutional investor(s).
 25. A computer-basedapparatus, as defined in claim 15, wherein said means for regulatingaccess further comprises checking at least one permission prior toproviding access to said central database and providing access only aspermitted by said checked permissions.